https://www.taxtmi.com/caselaws?id=256314 The tribunal's decision was deemed incorrect as it did not consider the beneficial ownership of shares with voting power, leading to a mistake in the application of section 40A(2)(b) of the Income Tax Act. The orders were recalled to rectify this error, determining that the assessee fell under section 40A(2)(b) due to the substantial interest held by ICICI Trusteeship Services Ltd. The tribunal affirmed the applicability of section 40A(2)(a) for the disputed payments, maintaining its decision while addressing the mistake in the legal analysis. en-us Wed, 03 Dec 2014 00:00:00 +0530 Tue, 10 Feb 2015 06:43:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256314 The tribunal's decision was deemed incorrect as it did not consider the beneficial ownership of shares with voting power, leading to a mistake in the application of section 40A(2)(b) of the Income Tax Act. The orders were recalled to rectify this error, determining that the assessee fell under section 40A(2)(b) due to the substantial interest held by ICICI Trusteeship Services Ltd. The tribunal affirmed the applicability of section 40A(2)(a) for the disputed payments, maintaining its decision while addressing the mistake in the legal analysis. Case-Laws Income Tax Wed, 03 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256314